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Pension companies are under pressure to provide better protection to prevent
investors from having their retirement savings raided by scammers.

The Pensions Regulator recently warned that it has seen an increase in
activity from pension liberation companies, which encourage savers to cash
in their savings before they are 55. Customers may be targeted by
cold-callers, spam text messages or via the internet.

Savers are not normally allowed to release retirement funds before this age
and could face an HM Revenue & Customs penalty of up to 70 per cent if
they do so.